Cracker Barrel’s latest attempt at corporate reinvention is facing fire—not just from loyal customers, but from one of its largest shareholders, Sardar Biglari, CEO of Steak ‘n Shake and Western Sizzlin’. Following a controversial rebrand that ditched its beloved Americana roots, Biglari went public with his disdain, calling Cracker Barrel’s board “flawed” and accusing it of losing touch with its core, heartland customer base.
In a fiery rebuke, Cracker Barrel clapped back—but not at the message. Instead, the company launched a personal attack on Biglari himself, dismissing his criticisms as “self-interested” and painting his leadership history as a “cautionary tale.” In a statement to Fox News Digital, Cracker Barrel wrote:
“Mr. Biglari has pursued an unprecedented seven proxy solicitations against the Company in just 14 years, each time for what we believe are purely self-interested reasons… His actions and poor performance at Steak ‘n Shake and Western Sizzlin’ remain cautionary tales.”
But here’s what Cracker Barrel doesn’t want to talk about: under Biglari’s leadership, Steak ‘n Shake was rescued from the brink of bankruptcy in 2008 and turned around to profitability by 2009. While the brand has seen ups and downs since, Biglari’s track record shows a pattern of hands-on involvement and a deep commitment to shareholder value—values sorely missing from Cracker Barrel’s increasingly tone-deaf corporate board.
Cracker Barrel fans revolted earlier this year after the company removed the iconic “Old Timer” logo—an old man leaning on a barrel—from signage as part of a sleek, “modern” rebrand. The change sparked massive online backlash, with Steak ‘n Shake posting on X:
“Sometimes, people want to change things just to put their own personality on things… At [Cracker Barrel], their goal is to just delete the personality altogether.”
They even shared mock MAGA-style hats calling for Cracker Barrel CEO Julie Felss Masino to be fired.
Biglari, who holds significant shares in Cracker Barrel through his Lion Fund and other vehicles, has spent over a decade trying to steer the company back toward its roots. Since 2011, he’s waged six proxy battles and seven contested solicitations to reform the board. Most were rejected—until 2022, when one of his nominees earned a board seat in exchange for a temporary standstill agreement.
That agreement expired in late 2024. In a searing 7-page open letter, Biglari lambasted the company’s rebranding strategy, arguing:
“We do not believe changing the furniture and altering the décor are going to change the Company’s trajectory or solve the Company’s underlying problem of declining traffic.”
He added,
“The questionable transformation plan is indicative of a poorly constituted board that cannot relate to the Cracker Barrel brand or its customers.”
Cracker Barrel claimed Biglari raised no objections in a June 2024 meeting with Masino. However, their stock plummeted 7%—a $90 million market value loss—after the logo change, exposing the disconnect between boardroom elites and the everyday Americans who built the brand.
Meanwhile, Steak ‘n Shake continues evolving under Biglari’s vision, recently receiving praise from Health and Human Services Secretary Robert F. Kennedy Jr. for switching to beef tallow for its fries—a nod to traditional, healthier preparation methods that resonate with conservative, family-oriented consumers.
Cracker Barrel, in contrast, seems stuck in a pattern of corporate misdirection. According to Wall Street analyst Ken Squire, Biglari’s persistent activism is a necessary check on mismanagement. He even added Biglari to his “Hall of Shame” for alleged “self-dealing”—a claim Biglari’s camp strongly denies.
Steak ‘n Shake COO Dan Edwards summed it up clearly:
“CB’s misdirection techniques have remained the same for over a decade… Instead of addressing his well-reasoned arguments, CB deflects by attacking him personally.”
Cracker Barrel may be learning the hard way: you can’t throw out tradition without consequences—and conservative customers, shareholders, and critics like Biglari aren’t staying silent anymore.
